Percent Of Monthly Gross Income Rule

Definition of "Percent of monthly gross income rule"

Jacqueline  Benjamin real estate agent
Jacqueline Benjamin, Real Estate Agent Southern Homes of the Carolinas

Rule stating that the monthly mortgage payment, property taxes, and insurance should not exceed 25% of a family's monthly gross income, or about 35% for a Federal Housing Administration (FHA) or Veterans Administration(VA) mortgage.


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